Original message
| Martin
  |  "Do I Have A Good Deal Here Or Not?"
, Tue 24 Apr 17:32 
On Wensday I will be going to put a property under a option contract. The property is worth $65K and I will have the option to buy it for $44K all cash, but I know the sellers will take $42K all cash. I was thinking of flipping the option to another investor, but I wanted to make sure first that I have a good deal here and that a investor would buy it? I was also thinking of trying to sell the property with owner financing and to create a note for the first mortgage and then sell it to pay off the $42K to the sellers and then pocket the rest and I think I might even have a 2nd mortgage that I would be collecting monthly payments on from my buyer. I really don't know how this process works, so any help on this would be great or if someone can just tell me if I have a good flip deal here or not?
Thanks!
Marty
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Replies:
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| | Martin
| "Re(2):Do I Have A Good Deal Here Or Not?" , Tue 24 Apr 21:55
Robert,
The house needs paint, new carpet, one window replaced and other than that the house is in great shape, is in a fair hood and would make a great starter home. The sellers just want the cash to move on. Any suggestions?
Thanks!
Marty
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| | RobertNM
| "Re(3):Do I Have A Good Deal Here Or Not?" , Tue 24 Apr 22:09
Whenever I have a seller who wants all cash, I always hit them with the ol' "Why dont you refinance, get all your cash out, then I will buy it on a wraparound Land Contract and refi it into my name in a few years." " The best part is, you get all your cash out and never have to make another payment on it!" If that doesnt fly, then get it under contract, get a closing date of 60-90 days, then market like crazy for two types of people.
1. An investor who can pay cash for about 70% of value.
2. A Credit partner who has the ability to get a loan. Getting a loan should be easy for someone with good credit, because the house is at 65% LTV already. Then split the profits with your partner.
That's what I'd do to get started.
Again, from a fellow green pea!
Good Luck!
Robert in NM
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| | Martin
| "Re(4):Do I Have A Good Deal Here Or Not?" , Tue 24 Apr 22:31
Robert,
Thanks for your help! I will let you know how things work out.
Marty
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| John RexfordFL
| "Re(1):Do I Have A Good Deal Here Or Not?" , Tue 24 Apr 18:46
Martin,
Why limit yourself to an all cash offer on your option. If the ARV is 65K then it might look good for an investor for 42,000. Thats at 65% of ARV. You could structure an option to sell it to a retail buyer and then assign your contract back to your seller for a higher fee. Give me a call to help you structure the deal
Jonathan Rexford
Rexford Inc
1st Metropolitan Mortgage
953 Old Dixie Hwy Suite B-3
Vero Beach Fl 32960
Office (561) 299-0081
Cell (561) 532-0029
Fax (561) 299-0082
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| | Martin
| "Thanks! John Rexford" , Tue 24 Apr 22:00
John,
Thanks for all your help and for giving me some good advice. I will keep you informed of how thing work out. Thanks again!
Martin
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| | Martin
| "Re(2):Do I Have A Good Deal Here Or Not?" , Tue 24 Apr 19:32
Jonathan,
Thank you very much for your offer to help me out. Would it be a problem for you to call me collect at 716-647-0214, because just last week I had the long distance taken of my phone to save money. If you would like to just e-mail me to help me out my personal e-mail address is MartyBuckley@aol.com Thank you very much for your help!
Martin
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